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RIYADH: Saudi Arabia’s Kingdom Holding Co. saw its profits skyrocket by 6,407 percent to SR5.9 billion ($1.6 billion) in the first quarter of 2022.
Profits went up from SR91 million in the same period a year ago on the back of a 157-percent rise in revenue, according to a bourse filing.
Higher hotel sales and revenues from selling investment properties pushed revenues from SR175 million to SR450 million during the quarter.
Founded in 1980, Riyadh-based Kingdom Holding is engaged in investment activities across diversified sectors.